The firm that commissioned the popular “Fearless Girl” statue in New York’s financial district has agreed to pay $5 million, mostly to settle claims that it discriminated against 305 top female employees by paying them less than men in the same positions.
In the agreement, officials at the United States Department of Labor also allege that the firm, State Street Corporation, discriminated against 15 of its black vice presidents by paying them less than white employees in the same positions.
State Street, a financial services firm, denies the allegations, according to the agreement. Still, the filing says that the firm has agreed to pay about $4.5 million in back pay and about $500,000 in interest into a settlement fund for the affected employees.
In a statement on Thursday, the company said that it “is committed to equal pay practices and evaluates on an ongoing basis our internal processes to be sure our compensation, hiring and promotions programs are nondiscriminatory,” according to The Associated Press.
Federal officials began their “evaluation” of State Street in late 2012, according to the agreement. They contend that the compensation discrimination dates back to December 2010.
Continue reading the main story